RingCentral (RNG) PT Raised to $300 at UBS, Shares Trade at Discount

August 4, 2021 6:17 AM EDT
Get Alerts RNG Hot Sheet
Price: $222.13 -0.5%

Rating Summary:
    27 Buy, 4 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 17 | Down: 5 | New: 36
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UBS analyst Taylor McGinnis raised the price target on RingCentral (NYSE: RNG) to $300.00 (from $275.00) after the company reported a continued slight acceleration in 2QF21 RCO ARR growth. The 3QF21 subscription revenue guide of 30.5% was the highest in recent years, but in-line with expectations.

The analyst reiterated a Neutral rating, stating "RNG still trades at a significant discount to the peer group (13x CY22 revs vs avg of 18x) and we believe it will likely take a couple quarters of sustained high-30s to low-40s RCO ARR growth to reduce the discount imbedded in RNG shares. This print served as a step in the right direction, but consistency is needed to shake competition fears."

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